金融压抑、所有制歧视与增长拖累——国有企业效率损失再考察

Financial Repression,Ownershiap Discrimainatiaon,and Negative Spillovers:SOE Efficiency Losses Revisited

本文从国有企业的“增长拖累”这一视角重新对国有企业的效率损失加以认识。从中国转型经济中的金融压抑和所有制歧视的角度出发，本文所发展的观点是，经济转型过程中，庞大的国有经济不仅因为自身的效率损失影响了经济增长，而且通过金融压抑、歧视和效率误配的途径对整个国民经济产生拖累效应。拖累效应之所以没有突出显现，是因为金融漏损和民间金融的成长构成了中国经济高速成长的重要因素。利用中国的省级面板数据，本文初步证实了这一逻辑。本文的政策含义是，进一步放松金融管制、实行国企改革对经济增长是必要的。

This paper investigates the SOEs＇ efficiency losses from the perspective of their negative spillovers to economic growth. In the process of economic transition, SOEs do not only entail efficiency losses in themselves, but also hinder economic growth through financial repression and ownership discrimination. The dragging effect is not apparent because financial resources can leak from the SOE sector to the private sector and private finance develops fast. Using China＇s provincial panel data for the period 1985--2004, we have partially confirmed the theory. The result lends supports to further financial deregulation and SOE reform.